Singapore-based Three Arrows Capital, a crypto-focused hedge fund, was ordered to liquidate after several weeks of difficulties. Ahead of the liquidation, crypto exchanges BlockFi and Voyager Digital took on huge lines of credit to help survive the crunch, as both had participated in financing Three Arrows. Their creditor, FTX founder Sam Bankman-Fried, went on to say that he believes many crypto exchanges and firms are already “secretly insolvent.”
